It seems like the China currency issue is getting more and more important in the GOP race for the presidency. As Politico reports, both Mitt Romney and Newt Gingrich have taken the lead on this issue; and President Obama recently said that China must “play be the rules of the road.”

However, it is important to remember that in three years President Obama has missed every possible opportunity to name China a currency manipulator. As we have noted previously, it can be hard to translate campaign rhetoric into governing reality.